OPENLANE Inc. Stock Price, News & Analysis

KAR Global (NYSE: KAR) has announced a strategic partnership with Ravin AI, enhancing its digital marketplace capabilities for vehicle inspections. This collaboration will streamline inspection processes and facilitate data sharing throughout the remarketing lifecycle. The partnership aligns with KAR's goal of leveraging advanced technology to improve decision-making for its customers. Ravin AI specializes in AI solutions for vehicle inspections, and this deal will enable better applications across various sectors, including fleet maintenance and condition monitoring.

KAR Global (NYSE: KAR) announces the appointment of Peter Kelly as the new Chief Executive Officer, effective April 1, 2021. Kelly, who has been with the company since 2011 and served as president since 2019, is succeeding Jim Hallett, who will transition to executive chairman. Kelly's leadership is expected to advance the company's digital marketplace operations in the used vehicle industry. Under Hallett, KAR expanded significantly, and the transition aims to maintain strategic momentum as the company continues to innovate and capture industry opportunities.

KAR Global (NYSE: KAR) has merged its TradeRev and BacklotCars platforms into one digital marketplace to enhance dealer-to-dealer sales. U.S. dealers will transition to BacklotCars, which has shown strong growth, offering sellers enhanced conversion rates and lower fees. The combined platform aims to provide a larger inventory and buyer base, facilitating easier wholesale transactions. Ongoing integration will enhance BacklotCars with features from TradeRev, leveraging KAR's extensive physical and digital assets.

KAR Auction Services reported a significant decline in Q4 2020 results, with revenue dropping to $529.6 million from $671.3 million in Q4 2019. The company faced a net loss of $17.1 million compared to a profit of $15.3 million in the prior year, resulting in a loss of $0.21 per diluted share. Adjusted EBITDA also fell to $67.5 million from $122.0 million. For the full year, revenue totaled $2,187.7 million, down from $2,781.9 million, with a net income of $0.5 million. The company anticipates a recovery in 2021, projecting $90 million in net income and $475 million in Adjusted EBITDA.

KAR Auction Services, Inc. (NYSE: KAR) will release its fourth quarter and full year 2020 financial results on February 16, 2021. Following this, an earnings conference call will take place on February 17, 2021, at 8:30 a.m. Eastern. The call will be hosted by CEO Jim Hallett and CFO Eric Loughmiller and can be accessed via phone or live webcast on the company's investor relations page. The financials to be discussed may provide insights into the company's performance and market position.

KAR Global (NYSE: KAR) will participate in the BofA Securities 2020 Leveraged Finance Virtual Conference on December 2, 2020, featuring Executive Vice President and CFO Eric Loughmiller and Treasurer Mike Eliason at 3:45 pm Eastern. A webcast of the presentation will be available on the company's investor relations page. KAR Global, a leader in vehicle remarketing and technology, reported sales of nearly 3.8 million units worth approximately $40 billion in 2019.

KAR Global (NYSE: KAR) has successfully acquired BacklotCars, enhancing its digital marketplace portfolio that includes TradeRev and ADESA.com. This acquisition aims to strengthen KAR's presence in key markets and support its digital transformation strategy. BacklotCars operates a 24/7 auction platform, providing streamlined options for dealers to manage inventory. The integration promises a disruption-free experience for current customers, while maintaining existing product offerings and pricing. The acquisition is expected to bolster KAR's growth and customer engagement strategies.

KAR Global (NYSE: KAR) announced its participation in the Stephens Annual Investment Conference 2020, scheduled for November 18, 2020, at 8:00 am Eastern. Key executives including Jim Hallett, Eric Loughmiller, and Mike Eliason will represent the company at this virtual event. A webcast of the presentation will be available on the company's investor relations website.

KAR Global is a leader in vehicle remarketing and technology solutions, facilitating the sale of nearly 3.8 million units valued at around $40 billion annually.

KAR Auction Services (KAR) reported Q3 2020 revenue of $593.6 million, down 15% from $701.9 million a year ago. Net income from continuing operations was $47.1 million, or $0.23 per diluted share, compared to $34.4 million or $0.26 per diluted share in Q3 2019. Adjusted EBITDA increased by 8% to $139.2 million. For the nine months ended September 30, revenue decreased 21% to $1.658 billion and net income fell to $17.6 million, or $0.04 per diluted share. The company's performance was significantly impacted by the COVID-19 pandemic.